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Ryan Paugh graduated from Penn State in 2006 with a Bachelor's Degree in Journalism and a minor in Business. After working in corporate communications, freelance writing and reporting, he co-founded 
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New here? Employee Evolution is a blog written by Ryan Healy. Ryan is a Co-Founder of Brazen Careerist, the webs #1 social network for young professionals. Ryan speaks with organizations on best practices for recruiting and retaining Generation Y and how to effectively use social media to reach your target market. To contact Ryan, please visit our contact page.
The only thing I knew about entrepreneurship when I joined Brazen Careerist was that it was going to be risky, more than I could have ever imagined during my time in Corporate America.
In hindsight, I was probably ill-prepared to make such a big commitment. Would I have made the same decision if I knew about the pressures I deal with today? Sure, but I’d certainly plan better.
Preparation is key for any soon-to-be entrepreneur. Timing can be everything, and the people you work with can make you or break you. Not to mention, it’s a commitment that’s not easy to walk away from.
Find Your Strengths (via StrengthsFinder 2.0)
Ryan Healy, Penelope and I are all very different. Unfortunately, we didn’t truly discover this until after we all got together in Madison. It would’ve been nice to know more beforehand.
Fortunately, our strengths ended up lying in very unique areas. If they didn’t, we might have ended up stepping all over each other.
Business partners who are too common end up in competition. Do a strength assessment with your potential team to determine if the relationship can really blossom into something great. I recommend using StrenghthsFinder 2.0 by Tom Rath. The book took me 45 minutes to read (I’m a really slow reader) and the online materials are especially practical for someone who is online for a significant piece of the day.
Make sure your finances are in order
In a perfect world, money wouldn’t matter. But it does. Even our career decisions are affected by the clutches of personal finance.
Money was the first thing that came to mind when I thought about entrepreneurship. I had been working for less than a year, had a full-year lease on my house and had a heap of other payments to deal with on top of that. How could I give up a steady paycheck with all of these responsibilities?
After taking a look at my finances I decided that I could manage my bills on the money I saved, barely. Speaking of, you have to be willing to barely get by to endure the life of an entrepreneur. You’ll always have just enough to survive and you’ll never stop worrying about when the money will run out.
Ask a lot of questions, share your concerns, don’t be afraid to annoy
Don’t be embarrassed to ask questions about everything, it’s expected of you. In retrospect, I wish I had asked more. And I asked questions for a solid week.
Still, after committing to Brazen Careerist, the questions didn’t stop pouring in for at least another month. The sheer anxiety of the situation kept me up at night.
I must’ve been an enormous pain in the ass, but I didn’t care. I was committing to a huge lifestyle change that wasn’t going to be easy. I had to be sure that my big questions got answered before I packed up the moving van and hauled it cross-country to Wisconsin.
Ultimately, asking questions will make your business a lot stronger. When everything is out on the table you understand where each other are coming from and know where concerns lie.
Make sure you’re doing what you really want to do
Everybody says that they want to be an entrepreneur, but most people are just kidding themselves.
Most entry-level corporate jobs are going to suck. And to top that, the transition from college to corporate is damn near depressing. So a lot of people tell themselves that their problems are with corporate life when they are really about the stage of life they are in: the transition into adulthood.
Most people can get through this period and have a fine life in the corporate world. So it’s important to know how to make these distinctions.
Entrepreneurship is a very stressful endeavor. Dealing with your transition into adulthood is not going to get any better because you’re an entrepreneur. It’s probably going to make things more difficult. Think about it.
Ryan, thanks for the smart and responsible article. I think a lot of GenY–and perhaps some of previous generations when we were in our 20s–think of entrepreneurship as a “safety net” that they can always and effortlessly fall into if they don’t find what they want in the corporate world. It’s great to see some meaningful wisdom from someone who’s been there and done that (and is still there and still doing it!).
Entrepreneurship is definitely not something to be taken lightly. Fortunately, I didn’t have to make a direct leap from college to corporate. I had the opportunity to be the third full-time employee at a start-up non-profit, which later grew to a staff of 12. What I learned there has been invaluable. I saw exactly how not to run a start-up. The pace was insane, there was never enough time to do the work, and everyone wore so many hats that no one knew what the other was doing. No organization whatsoever. After 3 years, they reduced the staff back down to 3. Then one quit, then another and another. The business imploded on itself.
As I have begun to experiment with my own business ideas to supplement my corporate job, I am learning even more from my own mistakes. The biggest of those is planning and research (and this from a research analyst!). Who is my core demographic? What are they looking for and am I delivering it? If this were a company, what would the positions be and what are the responsibilities? Can this thing eventually run without me?
In the past two months I have read more than in the previous year combined. The more information I can get ahead of time, the more prepared I am. One of my favorites right now is “E-Myth.” Someone recommended it to me as a must-read for anyone interested in entrepreneurship. It most certainly is!
Ryan,
Great post. I agree with what you say about people getting depressed straight out of college and then blame it on their corporate job. However, I have some advice for students before they get to that point. Start some sort of entrepreneurial endeavor while still in college, or right when they get out. It doesn’t have to be a big deal, and it does not need to consume your life. But start something that you need to commit to, and get a taste for how difficult it is. If you really enjoy it then consider a life of entrepreneurship, but if you have trouble getting motivated, managing yourself, and enjoying yourself then forget it. If you don’t enjoy entrepreneurship think of your corporate job as a safety net, and appreciate it…
Sean:
Thanks and I’m glad you enjoyed the article. Entrepreneurship is definitely not a safety net. I absolutely encourage those who really think it’s a passion to try it out, but make sure you do some research first.
Holly:
Thanks for sharing your story. Research is so important as I just pointed out to Sean, but then again, sometimes the only way to learn is from our mistakes.
Thanks for sharing that book title, I will have to check it out.
Dan:
Great advice Dan. In fact, this is something I wish I had done back in college. It’s so valuable to get a taste for entrepreneurial responsibility early in your life, that way you’re more prepared when the real deal arrives.
Ryan -
This is a great post. You have a unique style in your writing and I enjoy reading your posts.
You are right. Starting a business is sometimes a very scary endeavor, and one that is not for everyone. However, here are some words of encouragement. 95% of my closest friends own successful small businesses, including my wife. And 100% of them, regardless of their current financial position (good times come and go), are overly happy with the decision. Some of them never wanted to be business owners, but I do not think you could ever talk them back into corporate life.
I love Strengths Finder. Good stuff.
I really respect the reality present in this post. Sometimes it’s easy for Gen Y to get stars in our eyes and jump into the I’ll-go-it-alone mode, but it really is a serious decision.
Find your strengths! Great, yet simple advice.
James:
Thanks for the great compliments. It’s great for young entrepreneurs like myself to hear success stories.
Tiffany:
I feel like entrepreneurship is glamorized, which is why I wrote this post. It’s awesome to work for yourself, don’t get me wrong, but it’s also a tough road. More difficult than anything I’ve encountered in the corporate world, that’s for sure.
Todd:
Simple advice to give, yes. Simple to figure out, no. Finding our real strengths can be a difficult process. If it wasn’t, all these strength assessment tests, books, classes, etc. wouldn’t be so darn popular.
Good stuff, and well thought out. Although, believing “Everybody says that they want to be an entrepreneur” isn’t true. It may be in your sphere of friends and network, but there are MANY people out there who have no desire whatsoever to be an entrepreneur. There are certain aspects that appeal to certain people. For instance, while I like the idea of not having a boss and working things out on my own time, I don’t like the idea of an erratic income stream or the constant selling of one’s self. I like showing up, doing my job, and leaving, knowing that I am taking care of my family.
That being said, good luck!
Norcross:
You’re totally right. Not everybody wants this. So when I say “everybody” just think exaggeration.
I think a lot of people think they want to start their own business, but when it comes down to it, they would rather have stability. Which is understandable. I’d love some of that myself!
Thanks for the best wishes.
Great post. It also depends on your background. There can be value in going to work for a large company for a few years to cut your teeth. Instead of thinking about how much working for “the man” sucks, use the experience as an opportunity to learn from their mistakes. After all, they’ve already done most of the heavy lifting. Working in a traditional job for a few years also gives you the chance to save up a little money to help finance your venture.
The world of working for yourself is soo exciting - when all you hear is things like he works for himself and tell people I run my own business I find many people think that you must have a really great income.
The hard truth is (I realized the hard way) is that you have these waves that come in and come out. The suggestion of asking a lot of questions is one of those that I still find myself doing - after only 2 years of running a small business. The concepts of selling yourself, setting your fees, paying bills and the TAXES!!
Still being an entrepreneur is what I have found love in and I would (at this point) not want to be doing anything else.
Shawn:
Good suggestion Shawn. In fact, I didn’t jump straight into entrepreneurship. I spend some time in Corporate America myself. I’m pretty sure if I jumped straight into starting my own business I wouldn’t been totally overwhelmed. My corporate job, believe it or not, made the transition a lot easier.
Michael:
Thanks for sharing this. It’s important for people to realize that not all entrepreneurs are rolling in the dough. But if you’re willing to deal with the ups and downs of your personal finance, it’s definitely worth it.
Ryan,
Good one as usual. Starting your own business comes with knowing to expect the unexpected. Everyday we are dealing with new questions and no manual on how to answer them. You have to be ready to deal with mad customers, applicants who think they know more than you, bankers who do know more than you and how to split the money when clients finally do come in.
We thought moving into an office was the end all - be all of starting our own business, however it has only brought us more unknowns, more questions, more financial needs, yet more business and a great reputation in or city.
You guys are doing a great job, keep it up.
Greg:
Isn’t amazing though when business finally starts to pick up? It’s a great feeling. And for some reason the stress is more bearable when you can finally measure your outcomes. Congrats on the new office space.
Keep up the good work down there in sunny Orlando. I’m jealous.
Any idea when Brazen Careerist will debut? You’ve been teasing us with the behind the scenes trials & tribulations- when can we check out the fruits of your hard labor?
Great Article, Ryan. I like this part:
“Most people can get through this period and have a fine life in the corporate world. So it’s important to know how to make these distinctions.”
It’s important to remember that not everyone is going to be an entrepreneur when it comes to their full-time job. Many people are happy, successful, and extremely productive as an employee. But for the few that do have what it takes to be entrepreneur, the rewards are endless if you are patient with doing what you love.